Core Viewpoint - The company maintains a "buy" rating for Bruker (00325) with a target price of HKD 123.6, indicating a potential upside of 30.1% from the current stock price, based on projected Non-GAAP net profits of 725 million, 998 million, and 1.268 billion for the years 2025-2027 [1] Revenue and Profitability - In the first half of 2025, the company achieved revenue of 1.348 billion, a year-on-year increase of 27.9%, with a net profit of 297 million, turning positive compared to the previous year [1] - Adjusted net profit reached 320 million, reflecting a 9.6% increase year-on-year, with an adjusted net profit margin of 23.9%, down 4.0 percentage points from the previous year [1] Product Performance - The sales revenue for building block toys decreased by 45.5% to 13 million, with a volume drop of 42.9% to 100,000 units, while the sales of character-based toys increased by 29.5% to 1.325 billion, with a significant volume increase of 96.8% to 111 million units [2] - The average price of character-based toys fell by 33.5% to 12.0, primarily due to the introduction of a new budget product priced at 9.9, which contributed 216 million in revenue [2] Sales Channels - Offline sales accounted for 90.6% of total sales, reaching 1.212 billion, a 26.5% increase year-on-year, while online sales grew by 44.6% to 108 million, representing 8.1% of total sales [3] Geographic Performance - Domestic revenue was 1.226 billion, up 18.5% year-on-year, while overseas revenue surged by 898.6% to 111 million, now accounting for 8.3% of total revenue [4] - Revenue from Asia (excluding China), North America, and other overseas regions saw significant growth, with increases of 652.5%, 2135.9%, and 594.7% respectively [4] IP and User Demographics - The company has diversified its IP structure, reducing reliance on single IPs, with the top four IPs contributing over 10% each, totaling 83.1% of revenue [5] - The revenue share from products targeting consumers aged 16 and above increased to 14.8%, while the core revenue source remains products for ages 6-16, accounting for 82.6% [5] Cost Structure and Investment - The gross margin for the first half of 2025 was 48.4%, down 4.5 percentage points, attributed to changes in product mix and increased depreciation from new molds [6] - Sales, R&D, and management expense ratios were 13.2%, 9.6%, and 3.5% respectively, with increases in sales and R&D expenses due to new product promotions and a growing R&D team [6]
第一上海：维持布鲁可“买入”评级 海外市场收入高增